Siren Gold Limited (ASX: SNG) has been granted an exploration permit that covers part of the expired Globe Progress mining permit at Reefton in New Zealand.
This tenement is in the centre of the 35km long structural corridor that hosts the largest mines in the Reefton Goldfield and extends Siren’s very promising gold – stibnite mineralization a further 10kms from Auld Creek to Big River.
Highlights
• The Cumberland permit comprises the northern and southern part of OceanaGold’s previous Globe Progress mining permit.
• The total Globe Progress Mine gold production was 1.1Moz @ 6g/t Au, including 420koz @ 12.2g/t Au underground and 700koz @ 2g/t Au from an open pit.
• The Cumberland permit has a historic production of 45koz @ 14.2g/t Au.
• There remains substantial existing infrastructure, including a water treatment plant and [1.2Mtpa] processing capacity on the Globe Progress Mine adjacent to the permit.
• The Cumberland permit mineralisation extends for 3kms south of the Globe Progress Mine and is open to the west (under cover) and to the south.
• The Cumberland tenement follows the main structural corridor that hosts the the larger mines in the Reefton Goldfield and links to Siren’s very promising Auld Creek Au-Sb prospect.
• The stibnite and gold mineralisation extends for 10kms from Auld Creek south through Globe Progress, Souvenir, Supreme and Big River.
• The targets include Supreme prospect, which extends south from the Globe Progress open pit and contains three shoots that extend to 200m and are open at depth.
• Supreme drillhole intersections include 14m @ 3.5g/t Au and 9.5m @ 4.1g/t Au. The drillholes were not analysed for stibnite and the mineralization extends SE under cover and is untested.
• High-grade quartz reefs extend for 3kms to the south through Inkerman Gallant, Sir Francis Drake, Merrijigs and Exchange group of workings.
• Significant drillhole intersections from these prospects include (true widths) 5m @ 74.9g/t Au (Gallant), 4.2m @ 16.7g/t (Merrijigs) and 9.0m @ 6.1g/t Au (Inkerman)
“The significance of the addition of the Cumberland Permit to Siren Gold’s contiguous ~1,000 sq. km Tenement package should not be underestimated,” Managing Director, Brian Rodan, said.
“With our tenements abutting Reefton Goldfields at one end and Federation Mining at the other and along with the existing substantial infrastructure and the 1.25Mtpa processing capacity on the Globe Progress Mine adjacent to the Cumberland Permit has the potential to pave the way for future development.”
Background
The Globe Progress Mine has produced over 1.1Moz @ 6g/t Au, the largest mine in the Reefton Goldfield, followed by Blackwater (740koz @ 14.2g/t Au).
For further information please visit: https://www.sirengold.com.au/
